One way or another, Tesla deliveries continue to set records.
Even though the company's relationship with Beijing has been under the microscope for the better part of 2021, Tesla was still able to report record deliveries for Q3 2021. Almost all of the deliveries came from the company's Model 3 and Model Y vehicles, as its Model X and Model S sales continue to phase out.
The automaker delivered 241,300 cars worldwide, beating both the company's previous record of 201,250 and consensus estimates for the quarter, which were at 223,667.
The number also beat the average projection of 221,952 that Tesla provided to its investors.
After announcing the numbers on Saturday, Tesla stated: "We would like to thank our customers for their patience as we work through global supply chain and logistics challenges."
A meaningful portion of Tesla's production comes from China, where Elon Musk's relationship with the government has been tense at times. However, over the last few months, Musk has spoken at several Chinese technology conferences and has praised the country for its advances in technology and electric vehicles.
Tesla's Q3 numbers stack up well when compared to competitors like General Motors, who we noted at the end of last week, saw its sales plunge.
♥️♥️ Congrats Tesla team! ♥️♥️ https://t.co/mPFAVePVVn— Elon Musk (@elonmusk) October 2, 2021
GM reported that in Q3, dealers delivered 446,997 vehicles in the US, down 218,195 units, or almost a third, from a year ago. GM blamed the semiconductor shortage, while also highlighting historically low inventories, too.
As Bloomberg noted, this shouldn’t be too surprising since GM told investors that its wholesale volumes in North America in the second half of 2021 would be down about 200,000 units from the first half. GM said that supply disruptions in Malaysia caused by Covid-19 hit hard during the quarter.
With dealer inventories already at record low - as we reported earlier this month, total dealer inventory dipped below 1.0 million in August, down from 2.5 million in August 2020...
... car prices have soared to record highs, and even used car prices - long seen as a key inflection tracker of the "transitory inflation" thesis - are once again rising according to Mannheim.